Mixed sentiment leads Ripple cryptocurrency to trade sideways; establishes tight $0.517 to $0.523 range

Ripple is now trading at $0.52 after tracing out a steady $0.517 – $0.523 range today.

Ripple made an initial break below its 5 day Simple Moving Average at $0.517, a possible indication of a forthcoming negative trend. Ripple's upper Bollinger Band® is at $0.539, suggesting that a downward move may follow. On the other hand, note that XRP is currently alternating around $0.518 with price action moving above and below this key level throughout the session.

Despite the market lacking direction, technical chart analysis strongly suggests XRP is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen elsewhere as FTX Token is up 9.54%. Cardano closed at $0.446 (down 1.56%). Binance Coin climbs 0.97% to trade around $336.42.

Ripple has managed to gain 53.5% so far this year despite trading at lows around $0.307 previously. Ripple has a market cap of 26.88 billion with an average daily volume of 1.50 billion.